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Trade deficit declines to $100m in January

Update: January, 31/2012 - 09:56

HCM CITY — The trade deficit continues to shrink, falling from US$270 million in December to just $100 million last month.

According to the Ministry of Industry and Trade, exports were worth $6.5 billion in January, a year-on-year decline of 11.1 per cent and 28.5 per cent down from December.

But imports fell to $6.6 billion, respectively down 29.5 per cent and 18.7 per cent.

The ministry explained that there was a slump in trade during Tet every year.

The items that saw a major dip in export were textile and garments (26.9 per cent down); electronics and computers and computer components (34.5 per cent); wood and wood products (27.5 per cent); and rubber (31.3 per cent).

As for imports, the biggest falls were in transport vehicles and components (94 per cent); animal fat and vegetable oil (52 per cent); and metals (58 per cent).

In January alone agro-forestry and fisheries exports were worth $1.8 billion, a year-on-year drop of 16.3 per cent, according to figures from the Ministry of Agriculture and Rural Development.

The ministry said export staples faced barriers in many markets while their global prices were falling.

Around 400,000 tonnes of rice worth $240 million were exported in January, a year-on-year decrease of 25.4 per cent in volume and 14.2 per cent in value.

Coffee and rubber too saw export slumps.

Pepper and cashew prices remained stable.

The country also shipped $370 million worth of seafood products in January. — VNS

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